In that context, it is apples to oranges. All of our lifestyles have expenses attached to earning money. The real question would then be taxed vs untaxed. The over/under of the top 100 "pro pool players" filing taxes on winnings might be 20. Not being judgemental or even critical but rather an educated opinion after being around the pool scene for 25 years.
There is no money in pool???
- Thread starter DefiniteHasBeen
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In that context, it is apples to oranges. All of our lifestyles have expenses attached to earning money. The real question would then be taxed vs untaxed. The over/under of the top 100 "pro pool players" filing taxes on winnings might be 20. Not being judgemental or even critical but rather an educated opinion after being around the pool scene for 25 years.
Believe me, with the advent of the the Internet, there is no escaping the IRS and taxes today. They will find you, to include contacting all pool promoters who sent in a 1099 and letting them know not pay you further monies.
The expenses in pool are much higher than most traditional jobs. That's a fact.
I'm not saying that Shane has not enjoyed a nice income in the first 2 months of 2014, but if you add on taxes, expenses, living out of a suitcase, eating out, and any side activities such as gambling, well you can *AT LEAST* cut that income in half.
And, yes, I believe Shane does, indeed, pay his taxes.
Solutions?
If someone has a solution please air it out here. I am curious as to what some of you think may work.
Don
If someone has a solution please air it out here. I am curious as to what some of you think may work.
Don
A more fair comparison would be Pro Bowling.
http://www.pba.com/SeasonStats/TotalWinnings/
What's needed is a sponsor(s) to organize a Pro Tour. Without sponsorship money, there will never be an opportunity for common professionals to make a decent living playing pool. As it stands now, the top two or three players in the world will make a fairly good living. You are delusional if you think $100,000 in gross winnings for one year is a good living given all the expenses and living out of a suitcase. It simply isn't worth it to most. It's a shame the Camel Pro Tour and the Pro Billiards Tour folded. It could have really been something.
http://www.pba.com/SeasonStats/TotalWinnings/
What's needed is a sponsor(s) to organize a Pro Tour. Without sponsorship money, there will never be an opportunity for common professionals to make a decent living playing pool. As it stands now, the top two or three players in the world will make a fairly good living. You are delusional if you think $100,000 in gross winnings for one year is a good living given all the expenses and living out of a suitcase. It simply isn't worth it to most. It's a shame the Camel Pro Tour and the Pro Billiards Tour folded. It could have really been something.
Believe me, with the advent of the the Internet, there is no escaping the IRS and taxes today. They will find you, to include contacting all pool promoters who sent in a 1099 and letting them know not pay you further monies.
The expenses in pool are much higher than most traditional jobs. That's a fact.
I'm not saying that Shane has not enjoyed a nice income in the first 2 months of 2014, but if you add on taxes, expenses, living out of a suitcase, eating out, and any side activities such as gambling, well you can *AT LEAST* cut that income in half.
And, yes, I believe Shane does, indeed, pay his taxes.
cut it in half? lmao. You do know that he can write off all of those expenses don't you? Even a team of accounting monkeys should be able to offset the expenses of a pro pool player to almost nil in yearly taxes.
Point made. If his expenses equal his gross revenue then even he doesn't really make any money.
op must be new to this *shakes head*
Yeah if you have you head up your you know what working for minimum wage.
I'm not trying to blast your statement just it's pathetic to think most people don't make more than $45K in a year.
There is NO money in pool. The SVB example is to total nonsense
Show me what the top 100 players in the world average annually then we will see if there is any money in pool.
I have not researched it but my gut tells me that the closest thing to pool is Professional Darts and I am almost willing to bet that Pro Darts players do better then their Pro Pool counterparts.
With the money that is out there for Pool at best Pool would be considered a Hobby not a Profession.
Show me what the top 100 players in the world average annually then we will see if there is any money in pool.
I have not researched it but my gut tells me that the closest thing to pool is Professional Darts and I am almost willing to bet that Pro Darts players do better then their Pro Pool counterparts.
With the money that is out there for Pool at best Pool would be considered a Hobby not a Profession.
Bingo.
I've been telling a lot of them forever that it should be thought of as that. A hobby. A way to earn extra income. There's maybe 5-10 players in the world that make a decent living off the game. Everyone else should have a job and be playing mostly regional tour event close to them, with the occasional big event.
I about fell out of my chair when I read the original post. Who thinks that the best player in the world making $200K per year is good? That's horrible! That's worse than a bench player in the NFL.
The last big tourney I played in had a number of top players in the southeast (Kennedy, Archer, Davis, Putnam) and I had the nicest car in the parking lot...and I'm in the military! Definitely no money in pool.
The last big tourney I played in had a number of top players in the southeast (Kennedy, Archer, Davis, Putnam) and I had the nicest car in the parking lot...and I'm in the military! Definitely no money in pool.
Top 10? Really? Base a career choice on a dillusion of grandeur?
Pool is not a profession. It's a game. Anyone foolish enough to pursue it as a career is taking a vow of poverty.
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I think the IRS would have an easy day with pool players and tournament directors. Very doubtful either report winnings/payouts to the IRS, and it's doubtful expenses can be deducted. If the IRS cracked down there would be a lot of pool players hit with fines/penalties and perhaps jail time.
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If pool is your listed profession then expenses, mileage to and from tourneys, equipment and hotel stay is 100% deductible. I'm not an accountant but I will bet that it is.
Keith received 1099s from Joss Tour, IPT, Super Billiards Expo, and those are the only ones I can remember at the time of this writing. Winnings over $600 are supposed to be sent to the player via a 1099. Of course, you can deduct the entry fee, hotel/travel/food costs, but the entire amount doesn't come of the top as far as taxes owed. It's a percentage.
It's the small regional tours and weekly happenings that usually don't send out 1099s.
I'll call b******t on that one, unless someone greases the IRS auditors palm if/when the pool player or tournament director is caught.
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